ECO482

Course Description

main goal of this course is to provide students with knowledge of the theories and methodologies of and their applications in business. The first part of the course will involve discussing the problem of economic scarcity, supply, demand, market prices and the use of prices as a guide for consumption and production. Additional topics covered include production possibility frontier, marginal analysis, and opportunity cost. The second part of the course, the focus is on the theory of the firm. As a part of this broad topic, the course examines in detail competition, oligopoly, and monopoly markets. In each of these market models, equilibrium price, output, profits and consumption levels are reviewed. Throughout the course, particular emphasis is placed on the use of economic analysis to explain and critique contemporary business issues. Extensive examples are used to illustrate the application of managerial economics theories to practical business situations.

Course Details